Investment activity has abated so far in 2018, following last year’s peak growth induced by fresh inflows of EU funds. However, external demand continued growing at a higher pace than expected. Household consumption, backed by a considerable rise in employment and real wages, continues to be a strong driver of economic activity. We project GDP to grow at a rate of 3.5% in 2018 and 3.1% in 2019, while declining somewhat to 2.7% in 2020.

map Estonia
Main Economic Indicators201620172018201920202021
Population, 1000 persons131613171320...
GDP, real change in %
GDP per capita (EUR at PPP)225002360024800...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average6.
Average gross monthly wages, EUR114612261310...
Consumer prices, % p.a.
Fiscal balance in % of GDP-0.3-0.40.0...
Public debt in % of GDP9.28.78.5...
Current account in % of GDP2.
FDI inflow, EUR mn84514031700...
Gross external debt in % of GDP88.482.679.0...

Basic data are continuously updated.

* Forecasts are changed beginning of March, July and November.
See Press Conferences.


ESTONIA: Tight labour market without overheating

Sebastian Leitner
in: Strong Growth Amid Increased Negative Risks
wiiw Forecast Report No. Autumn 2018, November 2018 , pp. 84-87
Details and Buy


Monthly Report No. 6/2018

Vasily Astrov, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Peter Havlik, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 6, June 2018
27 pages including 1 Table and 1 Figure